Google와 Constellation이 3.6GW 규모의 계약을 체결하면서 투자자들의 관심이 원자력 ETF로 쏠리고 있다.

Alphabet's Google and Constellation Energy (CEG) signed a landmark power purchase agreement (PPA) last week that has put the entire nuclear industry in the spotlight. Under the deal, Google will procure a total of 3.59 gigawatts (GW) of power, roughly a quarter of it from new nuclear capacity.

Google signed a 20-year PPA for 890 megawatts (MW), sourced from multiple CEG-owned nuclear power plants, alongside a separate 15-year supply agreement covering the remaining 2,700 MW. The transaction will drive more than $4.3 billion in new investment by Constellation to upgrade 11 nuclear units across Illinois, Pennsylvania and New Jersey.

Following the announcement, Constellation shares surged more than 12%, while pure-play funds such as the VanEck Uranium and Nuclear ETF (NLR) gained roughly 5.5% on the day.

While the initial headline triggered an immediate rally, this partnership represents far more than a short-term market pop. It signals a fundamental, long-term repricing across the entire nuclear supply chain.

For investors, this structural shift makes a compelling case for re-evaluating exposure to nuclear exchange-traded funds (ETFs) to capture these emerging long-term tailwinds.

Before identifying the top funds, it is worth examining the broader renaissance sweeping the energy sector and how recurring mega-agreements between technology hyperscalers and nuclear operators are reshaping valuations across nuclear equities.

**The Nuclear Renaissance Fueled by AI**

The nuclear industry is undergoing a structural renaissance driven by artificial intelligence (AI). Over the past couple of years, as data center power demand has surged, technology giants have increasingly turned to nuclear power to secure 24/7 baseload electricity.

Behind these agreements lies the insatiable demand from AI data centers for round-the-clock, reliable power, the force behind a recent wave of partnerships between hyperscalers and nuclear power suppliers.

The trend began in 2024, when Microsoft (MSFT) signed a 20-year agreement worth $16 billion with Constellation to restart the Three Mile Island nuclear plant.

In 2025, NextEra Energy (NEE) and Google signed a 25-year carbon-free energy agreement to restart the dormant Duane Arnold Energy Center, a 615-MW nuclear facility in Palo, Iowa. Once operational, the facility will power Google's growing cloud and AI infrastructure in Iowa.

In early 2026, Meta signed 20-year PPAs with Vistra Corp (VST) for 2,600 MW of nuclear-powered electricity, along with a power agreement with Oklo Inc. (OKLO) to anchor a planned 1.2 GW advanced nuclear power campus in Pike County, Ohio.

In late September, Amazon signed a 20-year PPA with CEG to support the expansion of the Calvert Cliffs nuclear plant in Maryland. The deal includes 690 MW of power from Constellation's 1,790 MW Calvert Cliffs plant.

These recurring mega-deals demonstrate a lasting shift in utility economics. Long-term contracted revenues from technology hyperscalers are creating unprecedented growth visibility across the nuclear value chain.

**ETFs: A Diversified Path to Nuclear Demand**

As demand for clean, 24/7 power drives an aggressive expansion of carbon-free generation capacity, investors seeking to participate in this multiyear rally can use specialized nuclear ETFs to build targeted portfolio exposure.

A single company faces risks from regulatory delays, construction overruns or operational disruptions. Nuclear ETFs hold dozens of companies across the supply chain, spanning uranium mining, fuel processing, reactor operations, equipment manufacturing and next-generation reactor technology. This diversification helps hedge company-specific risks while capturing the long-term trend of AI-driven power demand.

**Nuclear ETFs in Spotlight**

The following nuclear ETFs are currently worth investors' attention:

**VanEck Uranium and Nuclear ETF (NLR)**

This fund, with net assets of $3.52 billion, offers exposure to 28 companies involved in uranium mining; the construction, engineering and maintenance of nuclear power facilities and reactors; the production of electricity from nuclear sources; or the provision of equipment, technology and/or services to the nuclear power industry.

CEG holds the first spot in the fund with a 9.20% weight, while OKLO holds the eighth spot with a 4.81% weight. NLR charges 52 basis points (bps) in fees.

**Range Nuclear Renaissance Index ETF (NUKZ)**

This fund, with net assets of $678 million, offers exposure to 52 companies involved in advanced reactors, utilities, construction and services, and fuel. VST holds the fourth spot in the fund with a 3.23% weight, while OKLO holds the fifth spot with a 3.16% weight.

CEG holds the sixth position with a 3.03% weight. NUKZ charges 85 bps in fees.

**First Trust Bloomberg Nuclear Power ETF (RCTR)**

This fund, with net assets of $29.3 million, holds 45 companies involved in the nuclear energy industry. These include regulated utilities and merchant power producers that operate nuclear-generation assets, uranium miners and enrichers, and companies providing engineering, construction, reactor manufacturing, nuclear waste management and other equipment or services for nuclear power generation.

CEG holds the second spot in the fund with a 5.79% weight, while VST holds the third spot with a 4.96% weight. RCTR charges 70 bps in fees.